Illinois General Assembly - Bill Status for SB3243

Replaces everything after the enacting clause. Creates the Microloan Program Act. Authorizes the Director of Commerce and Economic Opportunity to (i) make loans to eligible intermediaries for the purpose of making short-term, fixed rate loans to certain business concerns, (ii) make grants to those intermediaries to provide marketing, management, and technical assistance to small business concerns, (iii) make grants to non-profit entities for the purpose of providing marketing, management, and technical assistance to low-income individuals under certain circumstances; and (iv) create and administer a training program to train intermediaries in the knowledge, skills, and understanding of microlending necessary to operate successful microloan programs. Specifies criteria that eligible intermediaries must satisfy. Sets forth requirements for loans made to intermediaries; marketing, management, and technical assistance grants to intermediaries; private sector borrowing technical assistance grants; and loans to small business concerns from eligible intermediaries. Requires the Department to create and administer a training program. Requires the Department to file certain reports with the General Assembly. Creates the Business Loan and Investment Fund as a special fund in the State treasury. Authorizes the Department, subject to appropriation, to use the moneys in the Fund to carry out the purposes of the Microloan Program Act.

Replaces everything after the enacting clause. Reinserts the provisions of the bill as amended by Senate Amendment No. 1, but makes changes. Provides that a microloan program established in the Department of Commerce and Economic Opportunity shall be subject to appropriation. Provides that, under the program, the Director of Commerce and Economic Opportunity may make grants (rather than direct loans) to eligible intermediaries. Removes a provision requiring the Director to give priority to applicants that provide loans in amounts averaging not more than $13,000. Provides that an intermediary may make a loan of not more than $35,000 (rather than a loan of more than $20,000) to a small business concern only if the small business concern demonstrates that it is unable to obtain credit elsewhere at comparable interest rates. Removes a provision requiring the Department to make not more than 55 grants annually. Removes a provision requiring an eligible intermediary to make short-term, fixed rate loans to small business concerns for working capital and the acquisition of materials, supplies, furniture, fixtures, and equipment. Creates the Business Microloan and Investment Fund (rather than the Business Loan and Investment Fund) as a special fund in the State treasury. Makes other changes.

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